US: New York & Co narrows Q4 guidance
New York & Co operates around 514 stores
Specialty apparel chain New York & Co has narrowed its fourth-quarter earnings guidance but offered a positive outlook despite trading in what it says is a "challenging" retail environment.
The US retailer, which operates around 514 stores, said it expects fourth-quarter fiscal 2013 operating income to be in the range of US$5m to $6.5m. This is at the midpoint to higher end of its previous forecast of $3m to $7m, it said.
For the nine week period ended 4 January, comparable store sales edged up 1%. The company has narrowed its outlook for the 13 week period ended 1 February but did not give figures.
"In view of the challenging retail environment, we are pleased with our holiday performance which continued the momentum we experienced throughout the first three quarters of the year," said CEO Gregory Scott.
"Our ability to deliver positive comparable store sales, continued improvement in merchandise margins, and projected fourth quarter operating income well within our guidance is a strong validation of our six keys to success. We look forward to continuing our positive performance in 2014."
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